Amendment to Employment Agreement between Dr. David C. Collins and Employer (Extension of Term)
This letter confirms that Dr. David C. Collins has chosen to extend his employment agreement for an additional three years, as allowed under Section 3 of his original contract. The Compensation Committee has agreed to waive the requirement for written notice, making the extension effective until September 30, 2007. The amendment formalizes the new term of employment and acknowledges the mutual agreement between Dr. Collins and the employer.
EXHIBIT 10.1
EMPLOYMENT AGREEMENT
September 24, 2004
VIA FACSIMILE and MAIL
Dr. David C. Collins
2814 Motor Avenue
Los Angeles, CA 90064
Dear David:
As we discussed, I informed the Compensation Committee that you had told me that you wanted to exercise your option under Section 3 of your employment agreement to extend the term of your employment for three years. Under the circumstances, the Committee has decided to waive any requirement that your notice be in writing, and accordingly the term of your employment agreement is now extended until September 30, 2007.
| Very truly yours, |
| /s/ THEODORE E. GUTH |
| Theodore E. Guth |
TEG:lh
cc: W. Mathew Juechter
